To take advantage of tax credits for most home energy efficiency projects, do the work in 2011.
By Dan Shapley
For the past several years, the federal government has, as part of its economic stimulus spending, offered income tax credits for home improvement projects that improve energy efficiency. While the tax credits available in 2011 are much less generous than those available in years prior, they are still worth hundreds of dollars. And they expire Dec. 31.
Here are 11 home improvement projects that qualify for tax credits now, but won’t in 2012 (unless Congress votes to re-enact these programs, which seems unlikely given the dominance of budget reduction in the current political climate). The dollar amount listed is the credit offered for qualifying energy efficient products. For details about how to qualify, visit energysavers.gov.
Photo: George Peters/ Istock
Central air conditioning: $300
Electric heat pumps:
Furnaces and boilers: $150
Advanced main air circulating fan: $50
Insulation: 10% of the cost, up to $500
Roofing: 10% of the cost, up to $500
Gas, oil or propane water heaters: $300
Electric heat pump water heaters: $300
Windows and skylights: 10% of the cost, up to $200
Doors: 10% of the cost, up to $500